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Energy
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General Market Commentary
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General Energy
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General Market Commentary
Record sales for electric cars are being overshadowed by supply risks
A report by an international energy watchdog on Monday pointed to record sales for electric cars around the world, but also flagged worries about a core element used in the batteries that power the clean vehicles.
The number of electric cars and plug-in hybrids rose 54% in 2017, topping 3 million globally, half of which sold in China, the International Energy Agency said in its yearly report about electric vehicles.
China remained the largest market for electric cars; about 580,000 of them were sold in China in 2017, a 72% increase over 2016, the IEA said.
The IEA advises industrial Western nations in the development of their energy policies and coordination of supplies. Its electric-vehicle report also pointed to risks around cobalt supplies, which are concentrated in the Democratic Republic of Congo, and refining capacity, which is concentrated in China.
Some 280,000 electric cars were sold in the U.S. in 2017, the second largest market, up from about 160,000 in the previous year, the IEA said. Nordic countries remained the leaders in terms of market share, according to the report.
Norway kept its spot as world leader in electric-car market share, with electric vehicles accounting for 39% of new-car sales. Iceland, with 12% of the total, and Sweden, with 6%, came second and third in market share, the report said.